Fastenal (NASDAQ:FAST) Stock Position Reduced by Cullinan Associates Inc.

Cullinan Associates Inc. decreased its stake in Fastenal (NASDAQ:FAST) by 56.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 53,975 shares of the company’s stock after selling 69,586 shares during the quarter. Cullinan Associates Inc.’s holdings in Fastenal were worth $4,164,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hartford Financial Management Inc. lifted its stake in Fastenal by 46.9% in the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the company’s stock valued at $31,000 after acquiring an additional 153 shares during the last quarter. MCF Advisors LLC raised its holdings in Fastenal by 2,172.2% during the first quarter. MCF Advisors LLC now owns 409 shares of the company’s stock valued at $32,000 after buying an additional 391 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Fastenal during the 4th quarter valued at about $35,000. Criterion Capital Advisors LLC bought a new position in shares of Fastenal in the 4th quarter valued at approximately $43,000. Finally, First Horizon Advisors Inc. grew its holdings in Fastenal by 283.2% during the fourth quarter. First Horizon Advisors Inc. now owns 755 shares of the company’s stock valued at $49,000 after purchasing an additional 558 shares during the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Insider Buying and Selling at Fastenal

In other Fastenal news, Director Daniel L. Johnson acquired 3,350 shares of Fastenal stock in a transaction on Wednesday, April 17th. The shares were purchased at an average cost of $68.38 per share, with a total value of $229,073.00. Following the completion of the purchase, the director now owns 10,595 shares in the company, valued at $724,486.10. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Daniel L. Johnson bought 3,350 shares of the business’s stock in a transaction on Wednesday, April 17th. The shares were purchased at an average price of $68.38 per share, with a total value of $229,073.00. Following the completion of the purchase, the director now owns 10,595 shares of the company’s stock, valued at approximately $724,486.10. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Hsenghung Sam Hsu bought 500 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were bought at an average price of $63.28 per share, with a total value of $31,640.00. Following the completion of the transaction, the director now directly owns 3,500 shares in the company, valued at approximately $221,480. The disclosure for this purchase can be found here. Corporate insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on FAST shares. Robert W. Baird dropped their price target on Fastenal from $71.00 to $69.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 7th. HSBC increased their price target on shares of Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a report on Monday, April 15th. Loop Capital dropped their price objective on shares of Fastenal from $71.00 to $66.00 and set a “hold” rating on the stock in a report on Monday, April 15th. Finally, Stifel Nicolaus lifted their target price on Fastenal from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $68.80.

Fastenal Price Performance

Shares of Fastenal stock traded up $0.15 during midday trading on Tuesday, hitting $62.24. 815,541 shares of the company were exchanged, compared to its average volume of 3,723,788. The firm has a 50 day simple moving average of $65.84 and a 200-day simple moving average of $68.65. Fastenal has a 52 week low of $53.83 and a 52 week high of $79.04. The firm has a market cap of $35.64 billion, a P/E ratio of 30.74, a PEG ratio of 3.36 and a beta of 1.01. The company has a debt-to-equity ratio of 0.06, a current ratio of 4.83 and a quick ratio of 2.49.

Fastenal (NASDAQ:FAST) last issued its earnings results on Thursday, April 11th. The company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.01). The firm had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.91 billion. Fastenal had a net margin of 15.68% and a return on equity of 33.98%. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.52 EPS. Research analysts forecast that Fastenal will post 2.08 earnings per share for the current year.

Fastenal Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 23rd. Shareholders of record on Thursday, April 25th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.51%. The ex-dividend date was Wednesday, April 24th. Fastenal’s dividend payout ratio is 77.23%.

Fastenal Company Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.